h.2 actions of the board, its staff, and the federal ... · 1976-01-03 · city, missouri, through...

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Applications and Reports Received or Acted on

and All Other Actions of the Board H.2 1976 No. 1 During the Week Ending January 3, 1976

District

To Establish a Domestic Branch pursuant to Section 9 of the Federal Reserve Act

Approved *The Bank of West Bloc.ton, West Blocton, Alabama.

Branch to be established adjacent to U. S. Highway 82 within the City Limits of Centreville Alabama.

-Commerce Union Bank, Nashville, Tennessee. Branch to be established in the Priest Lake Shopping Center at the intersection of Bell Road and Murfreesboro Road, Nashville.

To establish an Overseas Branch of a Member Bank Pursuant to Section 25 of the Federal Reserve Act

Received First National City Bank, New York, New York:

branch - Libreville, Gabon. ,

First National City Bank,, New York, New York: branch - Dakar, Senegal. . .

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^Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

International Investments and Other Actions Approved Pursuant to Sections 25 and 25(a) of the Federal Reserve Act and Sections 4(c)9 and 4(c)13 of the Bank Holding Company Act of 1956, as amended

Shorehaven Bank International, Boston, Massachusetts: amendment to Articles of Association including name change to Multibank International, head office changed to Quincy, Massachusetts, with an agency in Boston, and an increase in capital stock.

Bankers Trust Company, New York, New York: an extension of time to open a branch in George Town, Grand Cayman, Cayman Islands.

First National City Bank, New York, New York and First National City Overseas Investment Corporation, New York, New York: to reinvest in stock the cash dividends received within the previous 90 days.

Marine Midland International Corporation, New York, New York: investment - consolidation of subsidiaries.

Morgan Guaranty Trust Company of New York, New York, New York: an'extension of time to open a branch in George Town, Grand Cayman, Cayman Islands.

Wells Fargo Bank International, New York, New York: investment - additional in Jarinya Pty. Limited, Sydney, Australia, in order to maintain its current 40 per cent interest.

Mellon International Finance Corporation, Pittsburgh, Pennsylvania: investments - to acquire 33 1/3 per cent of First Boston A.G., Zug, Switzerland and an additional to maintain a 33 1/3 per cent of First Boston (Europe), Ltd., London, England.

The Royal Trust Company, Montreal, Canada, a foreign bank holding company: an extension of time for the disposition of stock of Information Systems Design, Inc., Oakland, California

Continental International Finance Corporation, Chicago, Illinois investment - to acquire 60 per cent of The Underwriters Bank (Overseas) Ltd., Cayman Islands.


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International Investments and Other Actions Approved Cont'd

Continental International Finance Corporation, Chicago, Illinois: investment - additional in Caribbean Bank, George Town, Grand Cayman, Cayman Islands, from 40 per cent to 50 per cent.

Bamerical International. Finance Corporation, San Francisco, California and BankAmerica Corporation, San Francisco, California: investment - reorganization of Bank of Credit and Commerce International, S.A., Luxembourg, into a subsidiary of Bank of Credit and Commerce International Holdings, Luxembourg and an additional investment in the latter.

Bank of America National Trust and Savings Association, San Francisco, California: investment - to change from indirect to direct the holding of 32 per cent of the shares of European Brazil Limited, London, England and an additional investment therein.

Wells Fargo Bank National Association, San Francisco, California: an extension of time to open a branch in George Town, Grand Cayman, Cayman Islands.

Bamerical International Financial Corporation, San Francisco, California: investment - additional in MBC International Ltd., Melbourne, Australia, from 25 per cent to 70 per cent.

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To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956

Received VAN DIEST FINANCIAL, LTD., Webster City, Iowa, for

approval to acquire 80.9 per cent of the voting shares of First State Bank, Webster City, Iowa.

Flandreau Holding Company, Flandreau, South Dakota, for approval to acquire 92 per cent of the voting shares of Farmers State Bank, Flandreau, South Dakota.

Crete State Corporation, Crete, Nebraska, for approval to acquire 80 per cent or more of the voting shares of Crete State Bank, Crete, Nebraska.

Approved Northstream Investments, Inc., Geddes, South Dakota,

for approval to acquire 88.3 per cent of the voting shares of Security State Bank, Geddes, South Dakota.

Don-Co. Investment Companyt Troy, Kansas, for approval to acquire 80 per cent or more of the voting shares of The First National Bank of Troy, Troy, Kansas.

Empire Bancorp, Inc., Kansas City Missouri, for approval to acquire 80 per cent or more of the voting shares of Empire State Bank, Kansas City, Missouri.

The Glencoe Capital Corporation, Glencoe, Illinois, for approval to acquire 90.07 per cent of the voting shares of Glencoe National Bank, Glencoe, Illinois.

* * * * *

To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956

Approved Citizens Bancshares, Inc., Crosbyton, Texas, for approval

to acquire 100 per cent of the voting shares (less directors' qualifying shares) of First State Bank, Petersburg, Texas•


To Expand a Bank Holding Company Pursuant to Section 3(a)(5) of the Bank Holding Company Act of 1956 __

Received Bank Shares Incorporated, Minneapolis, Minnesota, for

approval to merge with Mid America Bancorporation, Inc. Minneapolis, Minnesota.

Approved Texas Commerce Bancshares, Inc., Houston, Texas, for

approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of Longview National Bank, Longview, Texas, through the acquisi-tion of First Texas Bancshares Corporation, Houston, Texas.

* * * * *

To Retain Bank Shares Acquired in a Fiduciary Capacity Pursuant to Section 3 of the Bank Holding Company Act

of 1956 Received

Trust Company of Georgia, Trust Company Bank, and Trust Company of Georgia Associates, all located in Atlanta, Georgia, for approval to retain the shares and the sole voting rights to the shares of Metter Banking Company, Metter, Georgia.

Approved Trust Company of Georgia, Trust Company Bank, and Trust

Company of Georgia Associates, all located in Atlanta, Georgia, for approval to retain the shares and the sole voting rights to the shares of Metter Banking Company, Metter, Georgia.


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To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956

Received 1 **Colonial Bancorp, Inc., Waterbury, Connecticut, notifi-

cation of intent to engage in d£ novo activities (to finance payment of casualty, liability, and other in-surance premiums) at 131 Mineola Boulevard, Mineola, New York, through a wholly-owned subsidiary, Policy Advancing Corp.

2 **Charter New York Corporation, New York, New York, noti-fication of intent to engage in de novo activities (making or acquiring, for its own account or for the account of others, commercial loans and other exten-sions of credit such as would be made by a commercial financing or factoring company; servicing such loans and other extensions of credit for any person; and leasing on a full payout basis real property, personal property and equipment, other than that used for per-sonal, family, or household purposes or acting as agent, broker, or adviser in leasing of such property) at 44 Exchange Street, Rochester, New York, through its subsidiary, Charter Credit Corporation.

2 **Citicorp, New York, New York, notification of intent to relocate de novo activities (the purchasing and ser-vicing for its own account consumer installment sales finance contracts; and acting as broker for the sale of consumer credit related life/accident and health insurance and consumer credit related property and casualty insurance on purchase consumer installment sales finance contracts; said insurance will only be offered when such transactions are the equivalent of direct extensions of consumer credit by the subsidiaries; if this proposal is effected, the subsidiary will offer to sell insurance as follows: (a) group credit life/ accident and health insurance to cover the outstanding balances on consumer installment sales finance contracts to obligators, singly or jointly with their spouses or co-signers in the case of life coverage, in the event of death, or to make the contractual monthly payments on consumer installment sales finance transactions in the event of the obligators1 disability to the extent per-

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12-30-75

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884(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


>H.2 1976 No. 1

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Received Continued miss ib Le under applicable State insurance laws and regulations; (b) individual physical damage insurance on personal property subject to security agreements (including liability only when such insurance is sold as part of an insurance package on such property); further, in regard to the sale of credit related in-surance, the subsidiary will not act as a general insurance agent) from 2182 First Capitol Drive, St. Charles, Missouri to 13100 Manchester Road, St. Louis, Missouri, through its subsidiary, Nationwide Financial Corporation of Missouri.

7 ^Continental Illinois Corporation, Chicago, Illinois, 12-31-75 notification of intent to engage in de novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit such as would be made, for example, by a mort-gage company; and servicing loans and other extensions of credit for any person) at 9233 Ward Parkway, Kansas City, Missouri, through its subsidiary, Republic Realty Mortgage Corporation, Chicago, Illinois.

7 **Inland Heritage Corporation, Wauwatosa, Wisconsin, noti- 12-31-75 fication of intent to engage in de novo activities (acting as an insurance agent or broker with respect to the following types of insurance: (1) any insurance for Inland Heritage Corporation and its subsidiaries; (2) credit life and credit accident and health insurance sold in connection with extensions of credit by a bank or bank related firm in the holding company system) in Wauwatosa and Milwaukee, Wisconsin, through its sub-sidiary, Inland Insurance Agency, Inc., Wauwatosa, Wisconsin.

7 VAN D1EST FINANCIAL, LTD., Webster City, Iowa, for approval to continue to engage in de novo activities formerly con-ducted by United Agency, Webster City, Iowa.

10 Central Mortgage Bancshares, Inc., Warrensburg, Missouri, for approval to acquire the shares of Cenco Insurance Company, Phoenix, Arizona.

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


H. 2 1976 No.

Received Continued 12 **BankAmerica Corporation, San Francisco, California, 12-19-75

notification of intent to engage in do novo activities (making or acquiring, for its own account loans and other extensions of credit and servicing for itself or others loans and other extensions of credit; such activities to include, but not be limited to, the following: making of consumer installment loans, pur-chasing installment sales finance contracts, making loans and other extensions of credit to small busi-nesses, and making loans secured by real or personal property or a combination thereof; acting as agent or broker for the sale of credit life and credit accident and health insurance and credit related property and casualty insurance in connection with extensions of credit by FinanceAmerica Corporation) at 1831 North Texas, Fairfield, California, through its subsidiary, FinanceAmerica Corporation.

12 **Wells Fargo & Company, San Francisco, California, noti- 12-22-75 fication of intent to engage in de novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of cred-it.; servicing loans and other extensions of credit for other persons; acting as an insurance agent or broker with respect to the following types of insurance that are directly related to the following types of in-surance that are directly related to the extensions of credit by Wells Fargo & Company or its subsidiaries; credit life and credit accident and health insurance, mortgage redemption life insurance, and group mortgage disability insurance) at 2000 IBM Building, Seattle, Washington and 1770 St. James Place, Suite 206, Houston, Texas, through its subsidiaries, Wells Fargo Mortgage Company and WFMC Corporation.

Approved 6 Ancorp Bancshares, Inc., Chattanooga, Tennessee, for

approval to acquire all of the voting shares of Ancorp Insurance Company, Phoenix, Arizona.

Delayed 12 **Patagonia Corporation, Tucson, Arizona, notification of 12-31-75

intent to engage in de novo activities (leasing per-sonal property or acting as agent, broker, or adviser



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H.2 1976 No. 1

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Delayed Continued in leasing such property provided: the lease is to serve as the functional equivalent of an extension of credit to the lessee of the property; the property to be leased is acquired specifically for the leasing trans-action under consideration or was acquired specifically for an earlier leasing transaction; the lease is on a nonoperating basis; and at the inception of the initial lease the effect of the transaction (and, with respect to governmental entities only, reasonably anticipated future transactions) will yield a return that will compensate the lessor for not less than the lessor1s full investment in the property plus the estimated total cost of financing the property over the term of the lease) in Kansas City, Missouri, through its sub-sidiary, Patagonia Leasing Company.

Permitted 2 **Horizon Bancorp, Morristown, New Jersey, notification of I - 4-76

intent to engage in de novo activities (making or ac-quiring, for its own account or for the account of others, loans and other extensions of credit principally secured by second mortgages oil one-to-four family resi-dences pursuant to the New Jersey Secondary Mortgage Loan Act, Chapter 205, P.L. 1970 and, in connection therewith, selling credit life, health, and accident insurance) at 900 State Road, Princeton, New Jersey, through its subsidiary, Horizon Creditcorp.

2 *^Horizon Bancorp, Morristown, New Jersey, notification of 1- 4-76 intent to engage in de novo activities (making or ac-quiring, for its own account or for the account of others, loans and other extensions of credit principally secured by second mortgages on one-to-four family resi-dences pursuant to the New Jersey Secondary Mortgage Loan Act, Chapter 205, P.L. 1970 and, in connection therewith, selling credit life, health, and accident insurance) in the Crystal Brook Professional Building, Route 35, Eatontown, New Jersey, through its subsidiary, Horizon Creditcorp.

3 **Provident National Corporation, Philadelphia, Pennsylvania, 1™ 1-76 notification of intent to engage in de novo activities (the leasing of equipment and other personal property on a full payout basis) at 931 Haverford Road, Bryn Mawr, Pennsylvania, through a subsidiary, Provident National Leasing Corporation.



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H. 2 1976 No. 1 _ 1 0

Permltted Continued **Tennessee Valley Bancorp, Inc., Nashville, Tennessee, 12-31-7 5

notification of intent to engage in de novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit such as would be made by a mortgage company; acting as insurance agent or broker with respect to insurance directly related to such extensions of credit subject to prescribed limitations imposed by Tennessee law; ser-vicing loans and other extensions of credit; and ap-praising real estate for the holding company and its subsidiaries) at 2670 Union Avenue Extended, Memphis, Tennessee, through a subsidiary, Kimbrough-Kavanaugh and Associates, Inc.

10 **Guaranty Loan and Investment Corporation of Tulsa, Inc., 12-31-75 Tulsa, Oklahoma, notification of intent to engage in de novo activities (leasing personal property and equipment which serve as the functional equivalent of an extension of credit to the lessee of the property, where the property to be leased is acquired specifically for the leasing transactions under consideration or was acquired specifically for an earlier leasing transaction; where the lease is on a non-operating basis and where at the inception of the lease the effect of the transaction will yield a return that will compensate the lessor for not less than the lessor1s full investment in the prop-erty plus the total cost of financing the property over the terms of the lease) in Oklahoma City, Oklahoma, through a subsidiary, Western Trust & Savings Company.

10 **Guaranty Loan and Investment Corporation of Tulsa, Inc., 12-31-75 Tulsa, Oklahoma, notification of intent to engage in de novo activities (leasing personal property and equipment which serve as the functional equivalent of an extension of credit to the lessee of the property, where the property to be leased is acquired specifically for the leasing transactions under consideration or was acquired specif leal 1y for an earlier leasing transaction; where the lease is on a non-operating basis and where at the inception of the lease the effect of the transaction will yield a return that will compensate the lessor for not less than the lessor's full investment in the prop-erty plus the total cost of financing the property over the terms of the lease) in Tulsa, Oklahoma, through a subsidiary, Western Trust & Savings Company.

**4(c)(8) and 4(c}(12) notifications processed by Reserve Bank on behalf

of the Board of Governors under delegated authority.


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Permitted Continued **United Banks of Colorado, inc., Denver, Colorado, noti- 12-29-75

fication of intent to engage in d_e novo activities (a general mortgage banking business, including the orig-ination of real estate mortgage loans, the purchase of mortgage loans from others, and the sale of loans to and servicing of loans for investors; the company will also continue to perform various activities for its affil-iated banks, such as assembling credit information and soliciting mortgage investors) in Durango, Colorado, through a subsidiary, United Mortgage Company.

**First Security Corporation, Salt Lake City, Utah, notifi- 12-28-75 cation of intent to relocate de. novo activities (making or acquiring, for its own account or others, loans and other extensions of credit such as are normally made by a mortgage company; and the servicing of such accounts for itself and for others) from 2500 Louisiana Boulevard to 8015 Mountain Road Place, N.E., Albuquerque, New Mexico, through its subsidiary, Utah Mortgage Loan Cor-poration.

Reactivated **Rock City Bancshares, Inc., Rock City, Illinois, notifica- 12-30-75

tion of intent to engage in de novo activities (leasing personal property or acting as agent, broker, or adviser in leasing of such property where at the inception of the initial lease the effect of the transaction will yield a return that will compensate the lessor for not less than the lessor's full investment In the property plus the estimated cost of financing the property over the term of the lease) in Rock City, Illinois, through its subsidiary, Rock City Leasing Co., Inc.

**First Bank System, Inc., Minneapolis, Minnesota, notifica- 12-28-75 tion of intent to engage in de novo activities (leasing personal property and acting as agent, broker, or adviser in the leasing of real or personal property) at Suite 900, 730 Second Avenue South, Minneapolis, Minnesota, through its wholly-owned subsidiary, FBS Financial, Inc.



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To Expand a Bank Holding Company Pursuant; to Section 4(c)(12) of the Bank Holding Company Act of 1956

Received 7 **Sterling Precision Corporation* West Palm Beach, Florida, 12-30-71>

notification of intent to acquire all of the outstanding common stock of Reynolds & Bookout, Inc., an automotive replacement parts warehouse, and Hubbard Auto Parts, Inc., a subsidiary of the aforementioned, both located in Youngstown, Ohio.

Permitted 7 **Berkshire Hathaway Inc., New Bedford, Massachusetts, noti- 1- 3-76

fication of intent to acquire 100 per cent of the voting shares of K & W Products, Inc., Santa Fe Springs, Cali-fornia, and its two wholly-owned subsidiaries, Kerkling Reinsurance Corporation, Omaha, Nebraska, and Transpor-tation Facilities, Inc., St. Louis, Missouri.

* * * * *

Other Actions of the Board Letter relating to the Board's Order of June 27, 1975,

approving application of Chemical New York Corporation, New York, New York, to acquire shares of Sunamerica Corporation, Cleveland, Ohio.

Annual report to Congress on Truth in Lending for the year 1975.

The Board invited public comment on seven proposed technical amendments to Regulation B, the proposed amendments are designed to clarify technical questions that have arisen since the regulation went into effect last October 28.

Technical amendment to Regulation H, in order to implement the grace period provided in section 303 of the Emergency Housing Act of 1975 concerning certain real estate loans made by State member banks in identified flood hazard areas of communities that are not participating in the National Flood Insurance Program.



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Continned Amendment to Board's Rules Regarding Delegation of

Authority, to the Secretary of the Board, the authority to grant specific consent relating to foreign appli-cations.

Bankers Trust Company, New York, New York, extension of time until December 31, 1976, within which to establish a branch in George Town, Grand Cayman, Cayman Islands.

Morgan Guaranty Trust Company of New York, New York, extension of time to December 31, 1976, within which to establish a branch in George Town, Grand Cayman, Cayman Islands.

Wells Fargo Bank National Association, San Francisco, California, extension of time to December 31, 1976, within which to establish a branch in George Town, Grand Cayman, Cayman Islands.

***First Financial Group of New Hampshire, Inc., Manchester, New Hampshire, extension of time to January 7, 1976, within which to acquire the successor by merger to Colonial Trust Company, Nashua, New Hampshire.

***First Financial Corporation, Tampa, Florida, extension of time until April 3, 1976, to open the Second National Bank of Lakeland, Lakeland, Florida.

***Hill-Dodge Limited, Warsaw, Illinois, extension of time to January 31, 1976, within which to acquire 93.33 per cent of the voting shares of The Hill-Dodge Limited, Warsaw, Illinois.

***State Street Boston Financial Corporation, Boston, Massa-chusetts , extension of time to April 1, 1976, within which to acquire 100 per cent of the voting shares of Chatham Trust Company, Chatham, Massachusetts.

***Central State Bank, Connersville, Indiana, to make an investment in bank premises.

***Processed on behalf of the Board of Governors under delegated authority.


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Continued ***Fifth Third Bank, Cincinnati, Ohio, request for per-

mission to reduce capital stock.

***Central Bank, Monroe, Louisiana, extension of time to January 15, 1976, within which to establish a branch in the 600 block of North 4th Street, West Monroe, Louisiana.

***Bamerical International Financial Corporation, San Francisco, California, extension of time to December 31, 1976, within which to acquire additional shares of Iran California Company, Andimeshk, Iran.

***Processed on behalf of the Board of Governors under delegated authority.


h.2 actions of the board, its staff, and the federal ... · 1976-01-03 · city, missouri, through...

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